Global credit rating agency Standard and Poor's warns that a greater number of European state and bank bonds are at risk of credit rating downgrades with euro zone countries failing to resolve the region's fiscal crisis in a timely manner.

The head of S&P’s global fixed income research team Diane Vazza said Tuesday, local time, that 25 sovereigns and 42 banks are on her company’s potential bond downgrade list.

Vazza’s remarks follow the global rating agency’s recent move to place the ratings of 15 euro zone countries on credit watch negative, including top-rated France and Germany, warning against a prolonged euro zone debt crisis.